Gold Coin for Lithuania Millennium Anniversary
The Bank of Lithuania has issued the second proof gold coin in a series of three to commemorate the millennium anniversary of the first written mention of Lithuania — found in a medieval Prussian manuscript, the Quedlinburg Chronicle, on February 14, 1009.
"This is already the fifty sixth commemorative coin issued by the Bank of Lithuania. It reflects the historical and cultural heritage of the Grand Duchy of Lithuania symbolising the prosperity of the State," the Chairman of the Board of the Bank of Lithuania said.
The 100 Litas 999.9 fine gold coin was designed by Liudas Parulskis and implemented in plaster by Giedrius Paulauskis. Struck and minted en mass at the Lithuanian Mint, it has a diameter of 22.3 millimeters, weighs 7.78 grams and is limited to 10,000 pieces.
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Precious Metals Climb as Dollar Weakens
A weakened U.S. dollar and an expected Federal Reserve rate cut on Wednesday helped shore up New York silver, gold and platinum futures. Each enjoyed gains of 11.5 percent, 2.0 percent and 1.0 percent, respectively.
After trading hours, the Fed cut its key interest rate to 1 percent, which was inline with most analysts’ expectations. The cut of 50 basis points is another attempt to combat the ongoing crisis in the credit markets.
Lower rates can help feed inflation and depreciate the U.S. dollar, which is normally bullish for gold in the long haul. However, the yellow metal maintained its recent unpredictable pattern and lost much of its earlier morning gains.
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PNG Launches "Dealer’s Deal" Show in Vegas
(Fallbrook, California) – The Professional Numismatists Guild (PNG) will conduct its inaugural "PNG Dealer’s Deal" in December in Las Vegas, Nevada. It is the first in a planned series of "new concept" shows.
"There will be both PNG and non-PNG dealers attending, a limited number of collector-guests who will be personally invited by participating dealers, and members of the general public who want to attend," said Gary Adkins, PNG President.
"This first show will have about three dozen dealers and on-site grading services by Numismatic Guaranty Corporation."
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Romanian Silver Coin Commemorates SRR 80th Anniversary
The National Bank of Romania (BNR) announced on Monday it will issue silver collector coins honoring the 80th anniversary of the establishment of the Romanian Broadcasting Company (SRR). The public radio broadcaster made its first transmission on November 1, 1928 at 5:00 PM, and is celebrating with a series of anniversary events until November 10.
The .999 silver proof coin has a face value of 10 lei, weighs 31.103 grams, has a diameter of 37 millimeters and a milled edge. Although no coin image of discerning size is currently available, BNR describes the coin’s design:
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Hawaii State Quarters Begin Circulating Monday, Nov. 3
Americans will watch the final state quarter enter circulation with the launch of the Hawaii quarter on November 3, the United States Mint announced Tuesday.
The release marks the conclusion of the 50 State Quarters® Program, which is described by the Mint as "one of the most successful coin programs in U.S. history" with approximately 147 million Americans who collect the commemorative quarter-dollars.
The spectacular popularity of the yearly issued quarters began with the unveiling of the first Delaware commemorative in 1999. Since then, over 33.7 billion state quarters have been minted through to the first 48 quarters.
When the Alaska and Hawaii quarter production figures are released and added to the tally, nearly one billion more coins will have been minted. Or, more clearly, enough for every man, woman and child in the United States to own 2 quarters from each state.
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© Mike Unser for Coin News, 2008. |
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THE COIN MARKET AS WE SEE IT
October 30, 2008 by admin
Filed under US Coin news
Market Report by Laura Sperber – Legend Numismatics
With all the turmoil in the financial markets you would think the rare coin market would be on its death bed. NOT! Without a doubt, even though we have been harping the coin market has been going through what we will call a “quality correction” of 10-20% (probably more like 30-40% now), nice, fresh, original, and truly rare coins have NOT decreased in value by any noticeable measure. Do note: you MUST have FULL quality and TRUE rarity to be safe. People do still need to sell and raise money, but for every person who had to sell, we seem to have found a buyer.
While we have had millions of dollars worth of surprisingly great coins sold to us in the past 30 days, we have also SOLD millions of dollars as well. The 1893S PCGS MS67 Veremule piece came to us not out of financial desperation, but because the owner had personal issues. We wired the money. The coin was sold instantly to the first collector we mentioned it to. He had no fear of spending over $1,000,000.00 and fully understood that he had the opportunity of a life time to acquire the piece. In fact he did not understand why a person that has “passion” and money why they wouldn’t be aggressive buyers today.
We told everyone in our last report to watch the Heritage Auction results. With one day to go, we thought things were going to be very bleak (the sell through at that point looked very weak). However, sitting in the office watching the bidding live and coin by coin being outbid, we saw strong signs of stability. From what we understand, the sell through was over 80%. Many coins that did not sell were (of course) over reserved dealer retreads or, they were “off” quality pieces.
For a better understanding, lets compare two coins from that sale. Lot 256. 1864 Small Motto PCGS MS65RD CAC. Sold: $21,850.00. Lot: 1197 1880S $1 PCGS MS68 CAC. Not sold. The 1864 was a monster. Its reserve was either low or none. The coin blew away ALL records for an MS65 RD when bidding closed! We also believe there was highly aggressive multiple bidders. The 1880S was a monster also. BUT, it had a reserve of $6,000.00 (or a total price of $6,900.00). You can buy a VERY nice high end GEM MS68 for $4,500-$5,000.00 these days. Plus, even in high grade, its still a widget. Did these come down? Yes and no. The reserve probably was based on people spending freely in a rising market. Now that the music has slowed, people demand value for their dollar. They do not seem to be paying multiples for commoner coins either. However, when a coin like the 1864 pops up, their is still a frenzy of bidding. If the market were truly declining, the 1864 would not have sold for what it did. (more…)
Finland Issues Mika Waltari 10 Euro Silver Coin
The Mint of Finland has issued a new 10 euro commemorative silver coin honoring the 100-year anniversary of Finnish writer Mika Waltari’s birth. Waltari was born in Helsinki on September 18, 1908. In the same city and day of this year, a celebration prepared by the Mika Waltari Association was held and the coin was launched.
Waltari is considered one the most prolific Finish writers from the 20th-century. He wrote an array of novels, plays, poetry and even fairy-tales that are enjoyed around the world and in many languages. He is perhaps best known for authoring The Egyptian.
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Stocks Swing Back as Gold and Silver Slide Lower
A massive stock market rally on Tuesday and a firming U.S. dollar helped pressure New York gold and silver futures down by 0.3 and 4.4 percent, respectively.
The Dow rallied as much as 906 points, and finally closed 889.59 points higher for an advance of 10.9 percent — its second best day ever. The S&P gained 10.8 percent and the Nasdaq Composite added 9.5 percent.
December oil fell another 49 cents, or 0.8 percent, to close to $62.73 a barrel and continued at its lowest level since May of 2007. Crude touched $61. 61 in intraday trading. Having just announced on Friday a production cut of 1.5 million barrels a day beginning on November 1, OPEC may meet yet again to consider deeper cuts in an attempt to raise prices.
December silver fell 41 cent to settle at $8.79 an ounce.
January platinum gained $11.60, or 1.5 percent, to end at $808.80 an ounce. The precious metal reached a low of $752.10 Monday, which was its lowest price since November of 2003.
Gold for December lost $2.40 to close to $740.50 an ounce. The yellow metal has fallen in ten out of the past thirteen sessions, losing 7.3 percent last week alone.
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US Mint Launches 2008 American Legacy Collection
The US Mint on Monday released several cornerstone coins all within a single 2008 United States Mint American Legacy Collection®. The set features 15 popular proof coins "presented in unique and elegant packaging."
The collection includes proof versions of all 14 circulating coins for 2008, including the final five quarters of the 50 State Quarters® Program (Oklahoma, New Mexico, Arizona, Alaska and Hawaii) and the four $1 coins from the second year of the Presidential $1 Coin Program (Monroe, Adams, Jackson and Van Buren). The set also includes a proof version of the Bald Eagle Silver Dollar.
The collection is priced at $100 each, with a household limit of 10 in place. There is a total limit of 50,000 sets.
The kicker for the collection is its packaging. While extremely attractive, all the coins may be purchased separately for a total of $70.90, making the packaging price an extra $29.10.
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Final 2008 PNG Seminar Scheduled for Baltimore Show
(Fallbrook, California) – The last in a year-long, nationwide series of Professional Numismatists Guild "Share the Knowledge" educational seminars for collectors and dealers will be conducted at the upcoming November Whitman Baltimore Coin and Currency Convention.
PNG member-dealer Anthony Swiatek of Manhasset, New York will discuss, "What Are the Perspicacious Ways to Collect and Invest in Coins and Currency?" The program begins at Noon on Friday, November 21, 2008, in room 303 of the Baltimore Convention Center. A complimentary light lunch will be available for audience members.
"I’ll help collectors learn how not to lose, but rather make money, while enjoying our hobby. It will be an insightful look at reading between the lines of questionable advertised offerings, becoming more enlightened about numismatics, and learning how to detect counterfeit coinage – an apparently increasing problem with some merchandise being offered in online auctions," explained Swiatek.
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